U.S. oil and gas major Chevron's Chinese subsidiary opened an office in Dazhou, Sichuan province
U.S. oil and gas major Chevron's Chinese subsidiary opened an office in Dazhou, Sichuan province, to support its local natural gas operations.
The move came after a 30 year production sharing contract signed between Chevron and PetroChina in December.
Jim Blackwell, Chevron Asia Pacific Exploration and Production president, said the contract became effective in February.
The contract, for the development of a 1,969-square-kilometer gas field in the onshore Sichuan Basin, made the CNPC-Chevron cooperation the largest inland exploration project participated by a foreign explorer in China.
CNPC will hold a 51 percent interest in the project, while Chevron takes the rest, according to PSC.